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Its also more secure, and going paperless is better for the environment, too.
And then theres the automation, which can help cut down on missed or late payments and overdrawn accounts.
In many ways, direct deposit can help you build better financial habits.Heres how.
Depending on your employer, you may also be able to split your paycheck across multiple accounts.
you might generally do this based on apercentage or dollar amountof your earnings.
For example, say you want to save 20% of your monthly income.
This could be $50 or $500.
Just choose an amount that works with your budget.
No longer will you have to manually transfer money from checking to savings.
Everything is automated, so you might essentially pay yourself first with every paycheck.
If youre looking to buildbetter money habits, start with direct deposit.
With it, you always know when your money is going to be deposited into your account.
Sometimes, youll even get paid earlier than expected.
This makes it easier to plan your expenses and track your money throughout the month.
You might even be able to schedule out payments in advance since you know the moneys there.
This has led tofewer late fees, lower debt, and improved credit scores for many.
Considering overdraft fees can easily cost about $30 per transaction, this can be huge.
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